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News and Announcements

  • Submitted on 09 June 2011

    Strengthening the economy domestically and internationally for small businesses is a big key to success, according to Alejandra Castillo, national deputy director of the Minority Business Development Agency, or MBDA.

    “We want small businesses to thrive and flourish,” she said this morning as the keynote speaker at the White House Bi-State Minority Business Development Roundtable at the i wireless Center, Moline. The event, hosted by the Greater Quad-Cities Hispanic Chamber of Commerce, also included roundtable discussions.

  • Submitted on 08 June 2011

    Mexicans are Largest Hispanic Group Nationwide and in 40 States

    On May 26, 2011 the U.S. Census Bureau released a 2010 Census brief on the nation's Hispanic population, which shows the Hispanic population increased by 15.2 million between 2000 and 2010 and accounted for more than half of the total U.S. population increase of 27.3 million. Between 2000 and 2010, the Hispanic population grew by 43 percent, or four times the nation's 9.7 percent growth rate.

    The Hispanic Population: 2010 brief looks at an important part of our nation's changing ethnic diversity with a particular focus on Hispanic origin groups, such as Mexican, Dominican and Cuban.

  • Submitted on 07 June 2011

    Minority Firm Ownership by Gender, 2007Many more minority men and women are embracing entrepreneurship, with minority females becoming entrepreneurs at a faster rate than any other group. Minority female-owned firms once again grew faster than all other groups of firms in number of firms, gross receipts and employment between 2002 and 2007.

    In 2007, there were about 5.8 million minority-owned firms, of which 2.2 million or 38% were owned by minority women primarily (with a 51 percent ownership rate) and 2.9 million or 51% firms were owned by minority men. The remaining 11% equally owned by minority women and minority men in 2007.

    African American female-owned firms grew the fastest than any other group of firms in number of firms by 67%, and in employment by 39 percent. Firms owned by Native Hawaiian and Other Pacific Islander women had the highest increase in gross receipts, with a 90 percent growth during the same period. Asian women-owned firms followed African American women-owned firms with the second fastest growth in number of firms and employment; and Hispanic female-owned firms ranked third in terms of growth in those two business measures during the same period.

  • Submitted on 01 June 2011

    Anna GomezAnna Gomez, Deputy Assistant Secretary for Communications and Information for the National Telecommunications and Information Administration, joined a group of Hispanic community development leaders in San Francisco to launch the Latino Tech-Net Initiative, a Recovery Act project spearheaded by the Mission Economic Development Agency, or MEDA, which is equipping 17 computer centers in 11 cities across the country with equipment, software, and training to help Latino entrepreneurs and small businesses build online skills, spur local economic development, and support job creation in their communities.

    The “digital divide” remains a serious issue for the Latino community, and MEDA is on the front lines of addressing this problem. Data from NTIA’s Digital Nation report show that the broadband adoption rate among Hispanic households is only 56.9 percent - more than ten percent lower than the overall national rate. In fact, even after adjusting for socioeconomic characteristics like income and education, Latino households significantly lag White households in broadband adoption.

  • Submitted on 25 May 2011

    Secretary Gary LockeEarlier today, I had the privilege of traveling with members of the President’s Council on Jobs and Competitiveness to visit Permac Industries, a small manufacturer just outside Minneapolis, Minn. Why Permac? Because the firm represents the best America has to offer – a company that has grown from a simple machine shop into a state-of-the-art facility that manufactures precision parts for customers worldwide in virtually all industries.

    I was glad to have a chance to talk about the Obama administration’s commitment to giving businesses like Permac the tools they need to win in the global economy. That effort is a two-pronged approach. On the one hand, we’re aggressively incentivizing investment here in America, as highlighted by key provisions that President Obama insisted be included in the December tax package, such as a new expensing benefit that will let companies write off 100 percent of their machinery and equipment purchases made in 2011.

  • Submitted on 24 May 2011

    Unprecedented initiative to bolster economic growth leverages resources of 16 federal agencies to create jobs and foster economic prosperity

    To accelerate innovation-fueled job creation and global competitiveness, today the Obama Administration announced a $33 million Jobs and Innovation Accelerator Challenge, an unprecedented initiative to spur economic growth through public-private partnerships in at least 20 regions around the country.

    The Challenge leverages existing resources from 16 federal agencies and will award funds to regions that demonstrate the existence of high-growth industries that support a wide range of economic and workforce development activities.

  • Submitted on 13 May 2011

    Nominations are now being accepted for the Minority Business Development Agency's 2011 Excellence in Minority Business Awards. The awards are designed to recognize exemplary minority businesses and their accomplishments and best practices.

    The MED Week Awards Program is designed to celebrate and recognize the outstanding achievements of minority entrepreneurs, as well as individuals and organizations that have demonstrated leadership and commitment in advancing minority business enterprise.  The diversity of the awardees, as it pertains to the constituency served by MBDA, is a key objective of the MED Week Awards Program.

  • Submitted on 11 May 2011

    MBDA National Director David HinsonThe Commerce Department’s Minority Business Development Agency (MBDA) National Director David A. Hinson traveled to London this week to discuss mergers and acquisitions as a global growth strategy for middle-market minority businesses. At the Third Global Merger & Acquisition Symposium: The New Economics for the Private Middle Market, Hinson explained that minority-owned businesses offer international investors above average return prospects and a powerful market entry vehicle into the United States and other countries.

  • Submitted on 04 May 2011

    Native Hawaiian and Other Pacific Islander Owned FirmsThe number of Native Hawaiian- and Other Pacific Islander-owned businesses increased 31% between 2002 and 2007, to 37,957 businesses. These businesses generated $6.5 billion in receipts in 2007, a 52% increase from 2002. In contrast, the total number of non-minority firms increased by 9% between 2002 and 2007and their receipts rose 21%. Average employment per firm with employees also increased from 8 employees per Native Hawaiian & Other Pacific Islander firm with employees in 2002 to 9 employees per firm with employees in 2007.

    Native Hawaiian & Other Pacific Islander firms are also an engine of job creation, with paid employment growing by 32% from 29,319 workers to 38,750 workers, compared to less than 1% growth for non-minority-owned firms. These firms paid competitive wages to their employees. The average payroll at Native Hawaiian & Other Pacific Islander-owed firms per employee increased by 17 percent from about $28,000 in payroll per employee in 2002 to $33,000 in payroll per employee in 2007. The average payroll per employee for non-minority firms was $35,000 in 2007.

  • Submitted on 04 May 2011

    Growth in Asian-owed firmsThe number of U.S. Asian-owed firms increased 40% to 1.5 million between 2002 and 2007, increasing at more than twice the national rate. These businesses also generated $508 billion in receipts, a 55% increase from 2002. Asian-owned businesses are also an engine of job creation, of the 1.5 million Asian-owned businesses in 2007, 397,484 had paid employees.

    Paid employment grew by 28 percent from over 2.2 million workers to more than 2.8 million workers, compared to less than a 1% growth for non-minority-owned firms. In 2007 Asian-owned business with employees averaged 7 employees and payroll per employee increased 12% from 2002 to 2007.  The payroll per employee increased from $25,000 in 2002 to $28,000 in 2007.  The average payroll per employee for all minority-owned firms was about $28,000 in 2007 and $35,000 for non-minority firms.

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